Likewise reports positive start to 2024

6th Mar 2024 14:08

(Sharecast News) - Floor coverings distributor Likewise Group announced a positive start to 2024 in a trading update on Wednesday.

The AIM-traded company reported 11.5% growth in sales revenue for the first two months of the year, reaching £22.8m.

That included a significant 20.1% increase in Likewise-branded business sales.

While the early months provided a limited outlook, the company's board said it was confident in meeting market expectations for the full year.

That optimism was supported by strategic investments in expanding its sales force across the UK.

Likewise attributed its momentum to a busy Spring trading period and the launch of new products in carpet, vinyl, laminate, luxury vinyl tile, and artificial grass segments.

Valley Wholesale Carpets, a key contributor to profitability, was continuing its successful expansion.

The firm also said it had secured a lease for a new logistics centre for its A&A branch in Manchester, integrating it into the Likewise logistics network.

Chief executive officer Tony Brewer described a "good start" to the year, with the company seeing a number of opportunities ahead.

"The ongoing investment in sales teams, product and point-of-sale displays will continue to increase our market share."

He highlighted the company's robust logistics infrastructure as a key factor in meeting growing demand.

At 1327 GMT, shares in Likewise Group were up 4.81% at 19.39p.

Reporting by Josh White for Sharecast.com.